‎“Saudi Kayan” records losses of 448.97 million riyals during Q3‎

Saudi Kayan Petrochemical Company recorded losses after zakat and tax of 448.97 million riyals during the third quarter, compared to 812.3 million riyals in the same quarter of last year, an increase of 45%. This came after today’s announcement of the preliminary financial results for the period ending on September 30, 2023. (9 months).

The operating loss amounted to 266 million riyals in the third quarter, compared to a loss of 676 million riyals in the same quarter of the previous year, a decrease of 61%.

The net loss after zakat and tax in the 9-month period amounted to 1.51 billion riyals, compared to a loss of 453 million riyals in the same period last year, an increase of 234%.

The loss per share in the current period amounted to 0.97 riyals, compared to a loss of 0.3 riyals in the same period last year.

The reason for the decrease in the net loss for the current quarter compared to the same quarter of the previous year is due to a decrease in the average cost of feedstock despite the decrease in the average selling prices of products and recording an allocation of 75 million riyals for property, factories and equipment affected by the announced fire accident in the operating unit of the bisphenol plant on September 14, 2023.

The reason for the increase in net loss for the current quarter compared to the previous quarter is due to the decrease in the average selling prices of products and the recording of an allowance of 75 million riyals for property, factories and equipment affected by the fire accident in the operating unit of the bisphenol plant announced on September 14, 2023, despite a decrease in The average cost of feedstock and the increase in quantities sold

The reason for the increase in the loss for the current period compared to the similar period of the previous year is also due to a decrease in the average selling prices of products and a decrease in the quantities sold as a result of stopping some factories to perform scheduled periodic maintenance work that was previously announced on January 18, 2023, in addition to the increase in expenses. Financing and recording an allocation of 75 million riyals for property, factories and equipment affected by the fire accident in the operating unit of the bisphenol plant announced on September 14, 2023, despite a decrease in the average cost of feedstock.

The company said that some comparative figures have been reclassified in line with the current period presentation

Noting that work is underway to complete the assessment of the effects resulting from the fire incident in the operating unit at the bisphenol plant, which was announced on September 14, 2023, and any fundamental developments will be announced.